Monday, October 10, 2016

COLUMBUS — Lieutenant Governor Mary Taylor announced that the average rate changes in 2015 for Ohio’s top 10 homeowners and private passenger auto insurance groups increased by their smallest amounts in years. Homeowners insurance experienced a 1.5 percent adjustment, the lowest change since 2007. Auto insurance had its slightest rise in four years at 2.3 percent.

Ohio’s average homeowners and auto insurance premiums rank among the lowest in the country.

“We are committed to efficient regulation and fostering market competition to benefit consumers,” said Taylor, also director of the Ohio Department of Insurance. “We also take pride in empowering consumers to become more informed about insurance.”

Taylor’s “Think Again” insurance initiative urges Ohioans to be insurance ready with up-to-date coverage suiting their situation and budget. She said key life stage information and shopping tips are available at www.insurance.ohio.gov.

Ohioans paid an average of $763 (9th lowest) for homeowners insurance and $659 (12th lowest) for auto insurance compared to the national average, according to the most recent data from the National Association of Insurance Commissioners. Ohio’s combined average premiums are $515 below the national averages.

Changes in auto insurance rates can be associated with medical costs, weather-related claims, the number of cars on Ohio roads and repairs costs. Changes in homeowners insurance rates can be attributed to weather-related claims, and building and material costs.

Individual insurance consumers may have experienced rate changes that differ from the average. The Ohio Department of Insurance reviews rates to ensure they comply with Ohio insurance law and that they are actuarially sound.

The top 10 insurance groups represent approximately 75 percent of the market in Ohio.